Udemy | May 21st, 2024

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GOOD MORNING

Here's everything you need to know today: Elon Musk is demanding a 25% stake in Tesla, threatening to halt AI and robotics development if not granted. This dramatic move underscores Musk's vision of Tesla as an AI and robotics company rather than just an automaker. The Tesla board faces tough decisions, balancing Musk's demands with governance measures to ensure the company's long-term stability.

Meanwhile, Bitcoin has surged to nearly $70,000, driven by institutional investments in Bitcoin ETFs. This influx has pushed Coinbase stock up by nearly 10%, reflecting growing confidence in the cryptocurrency market. Major financial institutions are backing these investments, signaling broader acceptance and integration of cryptocurrencies into mainstream finance.

Hims & Hers Health saw its stock soar by 30% after announcing the availability of compounded GLP-1 weight loss injections. This strategic move positions the company to capitalize on the high demand for weight loss medications like Ozempic and Wegovy, addressing supply constraints and expanding its market share.

Let’s dive into more detail below.

TESLA

Elon Musk Demands 25% Stake in Tesla or Threatens to Halt AI and Robotics Development

Tesla board faces tough decisions: negotiating with Musk or strengthening governance measures against him

BREAKING NEWS
Elon Musk has escalated his demands for control over Tesla, threatening to withhold AI and robotics developments unless granted a 25% stake in the company.

Never one to shy away from drama, Musk has emphasized recognizing Tesla as an AI and robotics company rather than just an automobile manufacturer. His latest move has raised serious concerns among shareholders and industry observers.

Prominent backers like Cathie Wood have supported Musk in these AI and robotics endeavors, but these latest demands may be a step too far.

WHAT HAPPENED
Musk has repeatedly emphasized that Tesla's future hinges on its AI and robotics capabilities, particularly self-driving technology, which he claims are vital for the company's valuation. Musk owns approximately 13% of Tesla's shares, which could increase to about 18% if his 2018 compensation package is reinstated. To achieve 25% control, he would need additional compensation worth tens of billions of dollars or a new share class at Tesla.

Musk's demand was underscored in a recent post on X, where he endorsed a message stating that AI and robotics would remain within Tesla only if he is granted 25% voting power, Tesla is reincorporated in Texas, and his 2018 compensation package is approved. This ultimatum has intensified concerns about Musk's influence over the company and his demands' potential legal and operational implications.

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CRYPTO

Coinbase Jumps Nearly 10% After BofA Upgrade Amid Bitcoin ETF Inflow Boom

Bitcoin's value surged Monday pushing almost to all time highs driven by institutional ETF investments, positive market sentiment, and pushing Coinbase stock over $225

BREAKING NEWS
Bitcoin almost reached $70,000 on Monday as institutional investors have poured hundreds of millions into spot bitcoin ETFs. This inflow of funds has sparked speculation that Bitcoin could test its record highs this week.

Meanwhile, Coinbase shares jumped almost 10% to $225.19 following an upgrade and a significant price target hike from BofA.

WHAT HAPPENED
Bitcoin experienced a significant increase on Monday, trading at around $70,000. Institutional investors partially fueled this rise, collectively revealing over $3.5 billion in spot bitcoin ETF holdings. Central banks and hedge funds like Morgan Stanley, JPMorgan Chase, and UBS are among the significant players, with Millennium Management leading the pack with $1.9 billion invested in various bitcoin ETFs.

Coinbase stock surged by almost 10% on Monday after receiving an upgrade from BofA, highlighting the company's improved expense discipline and operating leverage.

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HEALTHCARE

Hims & Hers Stock Soars 30% as It Introduces Compounded GLP-1 Weight Loss Injections

Hims & Hers Health sees a 30% stock surge with new GLP-1 injection offering amidst high demand and supply constraints

BREAKING NEWS
Shares of Hims & Hers Health surged by 30% on Monday morning after the company announced it will now offer access to compounded GLP-1 weight loss injections.

This move positions the digital pharmacy startup to capitalize on the booming demand for GLP-1 medications like Ozempic and Wegovy, which have faced supply constraints due to their rising popularity.

As of the first quarter of 2024, Hims & Hers Health, Inc. has 1.7 million subscribers. This represents a 41% year-over-year increase in subscribers, with a record addition of 172,000 subscribers in the first quarter.

WHAT HAPPENED
Hims & Hers Health is expanding its portfolio to include compounded GLP-1 weight loss injections. Customers will access these medications through prescriptions from licensed healthcare providers on their platform. The company's weight loss program, launched in December and already projected to generate over $100 million in revenue by the end of 2025, will now include these high-demand GLP-1 medications. The announcement drove a 30% increase in the company's stock price as investors reacted positively to the news.

The GLP-1 market, previously dominated by Novo Nordisk, has experienced significant supply constraints, pushing Hims & Hers to secure partnerships to ensure a steady supply of compounded GLP-1s. CEO Andrew Dudum emphasized that the company has collaborated with a leading generic manufacturer under FDA oversight, providing a reliable supply chain to meet the growing demand for these weight loss medications.

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1. Trump’s Social Media Company Posts Q1 Revenue of $770,500 and Net Loss of $327.6 Million

Trump Media and Technology Group reported $770,500 in revenue for the first quarter of 2024 and a net loss of $327.6 million, reflecting significant financial challenges.

2. JPMorgan Chase CEO Jamie Dimon signals retirement is closer than ever

Jamie Dimon, CEO of JPMorgan Chase, announced at the firm's annual investor day that he plans to retire within the next five years, marking the end of a significant era for the financial giant.

3. Spirit Airlines gets rid of change and cancellation fees, joining Frontier

Spirit Airlines has eliminated change and cancellation fees, previously ranging from $69 to $119, aligning with Frontier's policy to offer more flexibility to travelers.

4. Bitcoin Price Hits $70,000 as Crypto Liquidations Top $235 Million

Bitcoin's price surged above $70,000 for the first time in over a month, driven by renewed investor interest in ETFs and growing enthusiasm for Ethereum ETFs.

5. Ether Jumps 10% to $3.4K After Bloomberg Ups Odds of Spot ETF Approval

Ethereum's price increased by 10% to $3,400 after Bloomberg raised the likelihood of SEC approval for spot ETFs, countering previous market expectations of rejection.

6. Hims & Hers says it's selling a GLP-1 weight loss drug for 85% less than Wegovy. Here's the price.

Hims & Hers is introducing a GLP-1 weight loss injection at a price 85% lower than branded alternatives like Wegovy, aiming to make weight loss treatments more affordable.

7. Target cuts prices on thousands of basic items to lure budget shoppers away from Walmart

Target is reducing prices on around 5,000 basic items this summer to attract budget-conscious consumers, directly competing with Walmart for bargain hunters.

8. BMW imported 8,000 vehicles into US with parts from banned Chinese supplier -- Senate report

A US Senate report revealed that BMW imported 8,000 Mini Cooper vehicles into the United States containing parts from a banned Chinese supplier, raising regulatory concerns.

9. New York AG announces $2 billion settlement with crypto lender Genesis

New York Attorney General Letitia James has reached a $2 billion settlement with crypto lender Genesis to compensate defrauded investors, aiming to restore investor confidence.

10. Gold and silver prices continue record high runs

Gold and silver futures have surged to record highs amid ongoing geopolitical uncertainty, with market analysts closely watching these movements alongside crude oil prices.

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Today's insights are courtesy of Udemy, from critical skills to technical topics they support your professional development.

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